10545 Magnolia Ave - Apartments FOR SALE


Riverside, CA 92505
$11,525,000 USD
310-704-9109
10545 Magnolia Ave, Riverside, CA for Sale
$11,525,000 USD
Apartments - FOR SALE
1/20
null | 5.7% Cap Rate

10545 Magnolia Ave
Riverside, CA 92505


HIGHLIGHTS

  • City Planning Supports Conversion to Affordable Housing/Senior Living/Senior Care
  • Well-maintained 68 Room Property with Elevator
  • Constructed in 1992, offering Modern Amenities
  • High Street Visibility Near Kaiser Hospital and with Easy 91 Freeway Access
  • Pro Forma 5.7 CAP Rate as a Senior/Affordable Housing Apartment Conversion

OVERVIEW

Built in 1992, The 'Affordable Housing/Senior Housing Conversion Opportunity' is an existing Days Inn Hotel with 68 Rooms in a 3-story Building with approximately 18,166 Square Feet located on an approximate 34,424 Square Foot Lot. The City of Riverside Planning Department has enthusiastically indicated that the current Zoning will allow for a conversion to permanent Affordable Housing/Senior Housing/Senior Care. Location: This Affordable Housing Conversion Opportunity is located on Highly Exposed Magnolia Avenue just West of the 91 Freeway in the City of Riverside. The Location offers appealing amenities to prospective Tenants conducive to permanent residency. Site Visits: ALL PROPERTY SHOWINGS AND VISITS ARE TO BE COORDINATED THROUGH THE LISTING AGENT LUIS VAZQUEZ 310-704-9109. THE HOTEL STAFF IS NOT AWARE OF THE SALE AND IS NOT TO BE DISTURBED. SELLER HAS REQUESTED THAT ANY BUYER WHO DISCUSSSES THE SALE WITH THE HOTEL STAFF BE DISQUALIFIED FROM OFFER ACTIVITY

FOR SALE DETAILS

PRICE

$11,525,000 USD

PRICE/SF

$632 USD /SF

# OF UNITS

68

PRICE/UNIT

$169,485

CAP RATE

5.7%

% LEASED

-

STATUS

Proposed

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Conversion to Affordable/Senior Housing

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

-

PARKING SPACES

68

LAND DETAILS

LAND ACRES

0.8 AC

LAND SF

34,649 SF

ZONING

C2, Riverside

APN/PARCEL ID

143-290-026

ASK ABOUT THIS PROPERTY

Luis VazquezSPERRYMore Info
310-704-9109

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Luis VazquezSPERRYMore Info
310-704-9109

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.